**NOTICE REGARDING RETIREMENT and INVESTMENT ACCOUNTS**
There has been confusion regarding how to document income and assets involving retirement accounts (IRAs/401ks/etc.) and other investment accounts (Investments without any sort of tax deferment or age restrictions).
Official Spectrum Policy is RMDS (Required Minimum DIstributions) do not trigger conversion of a retirement account to a non-asset. The RMD distribution is considered a lump sum asset and the balance in the account continues to be considered and asset.
Spectrum’s position regarding Investments and retirement accounts is that there is no distinction. A withdrawal from any investment account just once a year is considered an asset (lump Sum) and the remaining balance is considered an asset.
Withdrawals twice a year are considered sporadic and therefore an asset. Withdrawals of three times a year or more of more are considered INCOME and the balance is no longer considered an asset.
Should this change we will post again.